rovenso has to file for bankruptcy
Villaz-St-Pierre, 10 October 2022
Rovenso, the startup that designs, develops and builds agile robots to secure industrial sites and their assets, has filed for bankruptcy September 29, 2022.
A series of unfortunate events has brought the promising startup to an abrupt halt.
The pandemic disrupted their plans of demonstrating the robot’s capabilities to potential clients. When, in 2021 the product finally started to get some real traction and interest from clients, the supply chain crisis prevented Rovenso from producing enough robots.
Although Nivalis Group offered to inject more capital in June 2022, after their initial investment of 2019, the startup and their investor did not come to terms on the valuation of the additional investment offered. “At one stage, we simply had to say stop”, says Chairman of the Board of Directors Christophe Fragnière.
Rovenso co-founder and CEO Thomas Estier, reflects that he recognized the seriousness of the situation too late. He learned that investors have expectations and want results, even when they understand that external factors like the pandemic impact the projected roadmap. “We ended up losing the confidence of our investor.” says Thomas Estier.
More details on the views from Christophe Fragnière and Thomas Estier in these articles: